VTS, an online commercial property management company, acquired $21 million for its Series B funding round.
The company, previously known as "View The Space," acquired the $21 million funding from OpenView Venture Partners, reports The Real Deal (TRD). This is the first time that OpenView Venture Partners invested in a commercial real estate platform company. The venture capital's previous enterprise software investments includes ExactTarget and Mashery. The two were already acquired by Salesforce for $2.5 billion and Intel for $180 million, respectively.
According to Tech Crunch, VTS' property platform provides investors, brokers and landlords an opportunity to collaborate and manage their commercial real estate portfolios in real time. The tool provides various information such as data on available spaces, a prospective client listing and market trends. It also features an analytics dashboard which provides details on specific tenants and buildings.
Adam Marcus, Senior Managing Partner at OpenView, also described how VTS is changing the way investors, brokers and landlords are managing their commercial real estate properties, reports Street Insider. Marcus added that they are excited to partner with one of the leading players in the leasing management industry and is looking forward to helping expand the company's influence.
The Street Insider report also mentioned how VTS' co-founder and CEO Nick Romito is thrilled to work with the venture capital firm. Romito also described the massive opportunities in the commercial real estate industry, specifically the challenges and needs of landlords and brokers. He cited that VTS is excited to step up and take advantage of that gap. Romito added that the company is "truly driving the shift to real-time data usage across the industry."
Currently, the company has a total fund of $32 million, states Street Insider. Aside from OpenView Venture Partners, VTS' existing investor, Trinity Partners, also participated in the Series B round.
